Francisco is 48 years old, lives in the town of Bello, Antioquia, Colombia, and has a fruit and vegetable store.
This is his only source of income for his family; his wife and their nine-year old child. Every day, he gets up very early and starts work. He goes to the market square where he buys the fruits and vegetables that he sells in his neighborhood, and then opens his store and works until eight in the evening.
His biggest dream is to adapt his business and move it to his neighborhood's market in order to make more profit, enabling him to improve living conditions in his home.
That is why he is requesting a loan to buy more stock and expand his product portfolio.
Francisco de 48 años de edad, vive en el municipio de Bello, Antioquia, Colombia, en donde tiene una legumbrería, la cual es su única fuente de ingresos para su familia compuesta por su esposa y su hijo de 9 años de edad. Todos los días se levanta muy temprano y comienza su faena. Se dirige a la plaza de mercado en donde realiza las compras de la fruta y la legumbre que comercializa en su barrio, luego abre su negocio y labora hasta las 8 de la noche. Su mayor sueño es poder adecuar su negocio y posicionarlo en el mercado de su sector con el fin de generar mejores ingresos que le permitan mejorar la condición de vida en su hogar. Por esta razón se encuentra solicitando un crédito para comprar mayor surtido y mejorar su portafolio de productos.
This loan is structured on Kiva as a bullet loan, which means a single payment is required at the end of the loan term. By Colombian law, Kiva's partner Interactuar is required to offer borrowers loans with a variable interest rate that fluctuates with the market rate. Because fixed monthly payments are applied first to interest and then to principal, Interactuar is unable to predict upfront what portion of each repayment would go towards the loan principal. This creates a challenge with Kiva's system, which doesn't allow for unpredictable principal payments, and can result in some Interactuar clients appearing falsely delinquent. To remedy this, the loan has an end-of-term repayment plan on Kiva, but the borrower will continue scheduled monthly repayments to Interactuar, who will then pass along the principal amount to Kiva lenders. This means that you may see repayments made on this loan throughout the repayment term, as opposed to receiving repayment in full at the end of the loan term.